Big Hit to Second Home and Investment Mortgages

[Justin Engel]

Hello BP members, I'm reaching out to see how you all are handling the news that Fannie Mae announced March 10th that they are limiting new loans secured by second homes or investment properties to 7% of the overall loans they purchase (roughly HALF their historic levels), effective April 1.

In my current investment area, I'm seeing an immediate increase of 2.25% on all investment loans. I'm curious what you all are seeing, how you're navigating/handling it, and if any of you have found a way (outside of cash offers) to get around it?